Calgary Streetfront Retailers Shuttering Amid Property Tax Increases
February 24, 2019
By Mike Kehoe, Broker at Fairfield Commercial Real Estate
As a commercial real estate broker, I have focused on leasing storefront and restaurant space over the past 28 years across the inner-city urban business districts of Calgary, Alberta. Cool areas such as Kensington, Marda Loop, Bridgeland, East Village, Mission, Marda Loop and the City’s premiere high-street 17th Avenue SW.
Economic factors such as a soft local economy, low consumer confidence and high property taxes are taking a toll as stores and restaurants close their doors in these once vibrant shopping and dining areas. Since 2016 there have been 48 storefront transitions along 17th Avenue SW in the 16 blocks that stretch between 14th Street SW and 2nd Street SE according to a local business group. Most are recycled quickly with new tenants, but the optics can have a negative perception. Currently in this district there are around 38 storefronts facing lease renewals or some sort of transition in 2019.
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https://www.retail-insider.com/retai...-tax-increases